Holiday Let Mortgages

esmesuperstar

I have a mortgage with Stroud and Swindon B/S. I have holiday let my home this year and intend to continue. What will happen if I tell SS that it is now a holiday let? Will I have to find a different company? I have had the mortgage 5 years and have always repaid on time.

poppy10_2

Just phone them up and ask for consent to let.There is normally a nominal token fee you have to pay, not much.

koexelek

poppy10 wrote: »

Just phone them up and ask for consent to let.There is normally a nominal token fee you have to pay, not much.

I'd test the water and tell them you are "thinking" of letting it though, not that you have already done so.

They could insist on you repaying the mortgage there and then, because you are in breach of the original agreement.
Where as other lenders will do a convential buy to let mortgage( with a six month tenancy agreement in place), virtually no one will do a mortgage on a holiday home, meaning that you'd be forced to sell the property to repay the mortgage.

I'm not saying you should be dishonest, but being totally up front could open a real can of worms for you.